Railroad Facilities Act

Summary

Railroad Facilities Act - Title I: Findings, Purposes, and Definitions - Sets forth Congressional findings and purposes, and defines the terms used in this Act. Title II: Railroad Facilities Corporation - Establishes the Railroad Facilities Corporation. Sets forth the qualifications and terms of office for members of the Board of Directors of such Corporation. Authorizes the Corporation to own, possess, construct, control, maintain, rehabilitate, and modernize rail lines, including operation of signaling and communications systems and to enter into agreements with rail carriers for the use of its facilities and to establish and collect charges from such rail carriers. Provides that 50 percent of the initial stock issue of such Corporation shall be purchased by the Secretary of the Treasury and the remaining 50 percent shall be distributed to rail carriers in exchange for the transfer to the Corporation from such rail carriers of their rights, title, and interest in rail lines. Authorizes the Secretary of Transportation to guarantee the notes, bonds, debentures, and other obligations issued by te Corporation, up to a maximum of $4,000,000,000. Establishes a Rail Facilities Loan Guaranty Fund to make payments on defaulted loans. Authorizes the Corporation to borrow up to $5,000,000,000 from the United States Railway Association. Title III: Miscellaneous - Exempts persons contracting with the Corporation for the joint use of such facilities and equipment as may be necessary for the provision of efficient and expeditious rail service from antitrust laws. Authorizes the Corporation to make payments to State and local governments in lieu of property taxes upon property which was subject to State and local property taxation before acquisition by the Corporation.

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1 official file

• Introduced in Senate

  summary · EN · 6 June 1975

  Open at official source

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